Airbnb, Inc.

Airbnb had a solid year in 2022 with revenues growing 40% year-over-year. They delivered an all-around beat in the last quarter and saw a rising demand for guests on its platform. Bookings for nights and activities rose 20% in Q4. In spite of escalating economic uncertainty, they experienced their largest number of active bookers ever in Q4. Moreover, they saw that guest bookings for trips continued to rise, maintaining a robust backlog for Q1. Long-term lodging accounted for 21% of all gross nights booked on Airbnb. The supply had also seen a considerable surge. They had 6.6 million live listings by the end of 2022. Excluding all of the Mainland China listings, the team increased supply by 900,000 listings, or 16%, in comparison to a year ago. This is a faster rate of growth in listings than in Q3. The management looks to maintain steady growth in the coming years to build the foundation for future products and services. We give Airbnb, Inc. a ‘Hold’ rating with a revised target price.